NSSF dues to be paid in installments

Decision to ease companies’ finances

The National Social Security Fund (NSSF) issued a decision on January 20, allowing payment of subscription dues that have been accumulated up till September 2013, to be paid in installments.
NSSF will offer employers, physicians and optional subscribers additional time, to pay by installment, all past subscription dues. Debts to the NSSF will be rescheduled according to the new plan. They will replace the bills formerly issued to the order of NSSF.

Salim Jreisati, Minister of Labor, said: “This decision would be a solution for the liquidity problem that has been harming the NSSF for more than a decade now.” He said that paying dues by installment would incite companies to disclose all of their employees to the NSSF.
The debts should be paid as equal installments. The time for paying old dues differs according to the amount of debt:
- Less than $40,000: installments will spread over three years
- From $40,000 till $80,000: Four years
- From $80,000 till $160,000: Five years
- From $160,000 till $240,000: Six years
- From $240,000 till $400,000: Seven years
- From $400,000 till $800,000: Eight years
- Above $800,000: Ten years

Companies must first place a down payment equal to five percent of the total debt. An annual five percent interest is also imposed on the debt. If subscribers default on three consecutive installments, the plan will be cancelled and the entire debt required immediately.